Agilent Helps OEwaves Raise $6M

OEwaves secures $6M in Series C funding, including investment from Agilent Technologies' venture unit; two join OEwaves' board

October 20, 2003

3 Min Read

PASADENA, Calif. -- OEwaves, Inc., a manufacturer of ground-breaking ultra-low phase noise signal sources that enable substantial performance improvements in radar and communications applications, today announced the closing of $6 million in Series C funding.

A strategic investment was made in this round by Agilent Technologies' Venture Unit (NYSE: A), which joined TL Ventures, ITU Ventures, EnerTech Capital, and Finaventures. The combined total venture capital raised by OEwaves to date is over $12 million. Additionally, $10 million in government contracts have been awarded to OEwaves since 2001 from the Departments of Defense and Commerce.

In conjunction with this round of financing, EnterTech Capital Managing Director Bill Kingsley and ITU Ventures' Managing Partner Jonah Schnel have joined the OEwaves Board of Directors. Mr. Kingsley's focus and over 20 years direct operating experience in the communications arena will strongly benefit OEwaves as the company readies to launch into new markets in 2004. Mr. Schnel has successfully led investments in the wireless and semiconductor sectors which are synergistic with OEwaves' long term objectives.

"OEwaves is at an exciting stage in the company's history, having secured strategic support from leading venture capitalists and an industry leader in Agilent Technologies," stated Julie Schoenfeld, president and CEO of OEwaves, Inc. "We believe that our new alliance with Agilent will benefit both companies and lead to a successful partnership."

"Agilent's investment in OEwaves is another example of our external interest in disruptive technologies and seasoned management teams," said Maximilian Schroeck, managing director of Agilent Ventures. "Agilent Technologies is excited to partner with OEwaves to further innovation for our collective end markets."

In a separate release:

PALO ALTO, Calif. -- Agilent Technologies Inc. (NYSE: A) today announced that Agilent Ventures has participated in the Series C Preferred Stock funding round for OEwaves Inc., a manufacturer of ultra-low phase noise, high-frequency signal sources and related components.

Agilent joins investors TL Ventures, EnterTech Capital, ITU Ventures and Finaventures, raising $6 million in equity. OEwaves was founded in 2000 and has licensed exclusive rights to more than 20 patents and applications for the company's core technologies from the California Institute of Technology, which operates the Jet Propulsion Laboratory. OEwaves offers ultra-low phase noise, high-frequency signal sources up to 40 GHz for test and radar equipment, as well as other defense and commercial communication applications where unprecedented performance is a requirement.

"Agilent's investment in OEwaves represents our ongoing interest in early-stage companies that could deliver breakthrough technologies in our markets," said Maximilian Schroeck, managing director of Agilent Ventures. "We are excited to partner with OEwaves as it continues to leverage its technology in both defense and commercial applications."

"We are delighted to have Agilent join OEwaves as a strategic partner and investor," said Julie Schoenfeld, president and CEO of OEwaves Inc. "Agilent is clearly an industry leader with a strong track record of commercializing ground-breaking technologies, and we welcome their expertise and experience at this significant stage in OEwaves' product life cycle. We believe that the technological synergies we share will benefit both companies."

OEwaves Inc.

Agilent Technologies Inc.

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